The two popular native digital assets of Eagle Ecosystem EAGLE and BENZ
Let’s discuss these assets in detail below:
- EAGLE is designed to represent the managing power of the blockchain. The total amount of EAGLE is 72 million with 2 decimals. EAGLE uses two decimals after comma for conviniency as common fiat money uses cent terminology. The total amount of Eagle is the same as the maximum total supply of the old EagleCoin, which is 12 million plus 60 million of previous EaglePay Token. Each EAGLE is pre-mined and the EagleCoin (old Eagle) holder will receive new EAGLE in 1:6 swap. This basically means that 1 old EagleCoin will get 6 new EAGLE.
An EAGLE holder enjoys the following benefits:
· EAGLE holders can do cold staking and receive BENZ.
· EAGLE will become the main currency used for buying token when an ICO is conducted in Eagle ecosystem.
· EAGLE will also become the main currency to be paired with other coins when the decentralized exchange is built in Eagle ecosystem.
· EAGLE holders can receive airdrop when a token is issued in Eagle ecosystem.
- BENZ is created for powering the IronGeekChain and it can be acquired by staking EAGLE. It is called cold staking because all the EAGLE holders just need to hold their EAGLE in its wallet and will get BENZ without any need of turning on the network. The maximum total supply of BENZ that will be reached in next 10 years is estimated around 144
million with 2 decimals. The BENZ generated for the first year is 64 million BENZ, then 32 million, 16 million, 8 million, and 4 million BENZ per year until the maximum total supply limit is reached. At the beginning, there is no pre-mined BENZ. The use of BENZ for smart contract deployment and token transaction will make BENZ price sustainable in the coming years.
· BENZ and Smart Contract
IronGeekChain has Eagle Smart Contract System, which supports multiple programming languages. Smart contract developers can use their convenient language including C#, Java, and Python.
In order to deploy a smart contract, a developer needs to pay some amount of BENZ depending on their smart contract complexity. This mechanism will basically increase the need of BENZ and will make it more valuable.
The amazing thing about smart contract is that the smart contract developers will not need to learn a new programming language as they can use the language that is most convenient for them according to their expertise. Besides that, smart contract developers can create an airdrop program for EAGLE holders automatically. This is actually an easy, cheap and effective way of marketing. The EAGLE holders will also enjoy the benefit of getting the new released token for free.
The quickest blockchain has arrived it’s called IronGeekChain
Cryptocurrency has emerged as a great digital asset in 2017. Somehow, cryptocurrency has managed to make its place as the payment medium in some jurisdictions but is still struggling to get universal acceptance. Regulatory compliance has occurred as one of the major challenges in the path of cryptocurrency payment. Thus, to overcome these hurdles, an Eagle System is underdevelopment that actually compliances with the regulatory authorities of most of the jurisdictions. Eagle System is basically a payment system that is designed using the blockchain technology in order to support flat money token.
-What is IronGeekChain?
Eagle project has taken its first step with the name of EagleCoin which previously was an ERC20 Ethereum token that used to function as a digital asset. The goal of this project is to have a masterclass next generation of payment system so it is dedicatedly focusing on transforming the EagleCoin from an ERC20 token to the new Eagle that will have its own blockchain with great features. This transformation is known by the name of IronGeekChain. This blockchain is secured by representative nodes which are designed for the representation of all the Eagle holders.
-Issues with the Old Eagle Coin
Scalability is the main problem of blockchain technology and Ethereum has faced this problem. At present, more than 1300 smart contracts have been developed in Ethereum mainnet thus making the transaction process in Ethereum quite slow.
Besides that, it is also expensive to make a transaction in Ethereum mainnet especially when the network is crowded. As the previous EagleCoin was an ERC20 token, therefore, EagleCoin holders used to pay gas (ether) for making a transaction. Thus, in order to overcome these issues, a new Eagle Project has come into existence.
-Consensus Mechanism of IronGeekChain
IronGeekChain uses a consensus mechanism called dBFT (delegated Byzantine Fault Tolerant) for the purpose of validating the transaction. A transaction will be declared valid if it manages to get confirmation by 2/3 of the representative nodes. If some representative nodes are sending false transactions and these false transactions are less than 2/3 of all nodes, then these transactions are rejected. The consensus mechanism takes almost 15 – 20 seconds for generating a block. Several thousand of transactions can be validated in a second using this mechanism.
-Amazing Features of IronGeekChain
IronGeekChain has great features as compared to the other well-known blockchains. These features are:
- Support multiple type of digital asset
- Smart contract which support decentralized application
- Consensus mechanism
- Quantum resistant
· IronGeekChain uses a lattice-based cryptographic mechanism to prevent a massive attack from quantum computers.
- Cold staking
· It is the staking mechanism where users do not have to turn on their network. Eagle holders will have the right to claim staking reward just by holding their EAGLE. The staking reward is in BENZ – a native digital asset in IronGeekChain. Claim staking reward is free and works without any transaction cost.
- Desktop, mobile, and web wallets